Leaders Index 6-20-19

The market put in another solid rally today. The major averages opened strong and then some selling erased much of the gains. Late strength saw the major averages rally into the close. All the major averages closed high in their intraday trading ranges, a positive sign. The New York averages were a little stronger with the SPX gaining .95% while the COMPQ and the NDX were higher by .80% and .92% respectively. Volume was higher across the board with the New York higher by 18.83% and the Nasd by 2.66%. Leading stocks were higher a well with the leaders index gaining .51% on the day. It closed just below the midpoint of its trading range and volume was higher and about average. This was enough for new highs in the index on both an intraday and a closing basis and the index continues to rise above its short term 9dma. The action of the market was very positive today. The SPX made a new all-time high today and volume was significantly higher. The rest of the major averages are within one percent of their highs. The action of the market is positive. There are a solid number of attractive stocks out there, and this is the final factor in a successful rally. The market appears to want to go higher. Jerry